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(RTTNews) - Helios Technologies Inc. (HLIO) announced the placement of its President, Chief Executive Officer, and Director, Josef Matosevic, on paid leave effective July 1, 2024, following allegations of a potential violation of the company's Code of Business Conduct and Ethics.

Matosevic's leave is pending completion of an ongoing investigation being conducted by the Board with the assistance of outside legal counsel.

The company said it appointed Sean Bagan as Interim President and Chief Executive Officer in addition to his role as Chief Financial Officer, effective immediately. The company has also appointed Philippe Lemaitre as Executive Chairman in addition to his role as Chairman of the Board effective July 1, 2024.

HLIO closed Monday's regular trading at $46.33 down $0.21 or 0.45%. In the after-hours trading, the stock further dropped $3.83 or 8.27%.

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